Camberford Law's pretax profit fell 26% to £596,912 in the year ending 30 June 2003.
This compared to a pretax profit of £808,907 the previous year. Turnover stood at £4.34m, against £4.61m the previous year.
Explaining Camberford Law's dip in profits, chief executive Richard Sheikh said the broker had suffered because "the market has contracted" during the last three years.
In an effort to boost revenues, Camberford Law launched a broker network, Network Extra, in December.